Verve Therapeutics, Inc. (NASDAQ: VERV) experienced a remarkable surge of 24.83% in its stock value, closing the most recent trading session at $18.70. This notable upturn in Verve’s stock can be attributed to the release of their promising financial reports. On Tuesday, Verve (VERV) unveiled a comprehensive overview of its recent corporate advancements and financial achievements for the third quarter of 2023.
During the third quarter of 2023, Verve (VERV) generated collaboration revenue amounting to $3.1 million. This revenue was primarily derived from research services conducted under their collaboration agreement with Vertex Pharmaceuticals Incorporated (Vertex) and the Lp(a) collaboration in conjunction with Lilly.
In a significant stride, Verve managed to reduce its net loss, demonstrating a favorable performance for the third quarter of 2023. The net loss decreased to $45.8 million, equating to $0.72 per share, as compared to the figures of $45.2 million and $0.79 per share reported for the same period in 2022.
In October 2023, Verve announced the expansion of its partnership with Lilly. In this development, Lilly acquired specific product rights related to Verve’s in vivo gene editing programs aimed at PCSK9, ANGPTL3, and a third undisclosed cardiovascular disease (CVD) target from Beam Therapeutics.
This collaboration signifies Lilly’s deep expertise in the cardiometabolic field and its proficiency in commercializing products for substantial medical indications. Lilly’s substantial investment in securing Beam’s product rights further attests to its unwavering confidence in Verve’s programs and the compelling preclinical and interim clinical data supporting these initiatives.
Gene editing, representing an exciting frontier in medical advancement, holds the potential to deliver lasting efficacy through a one-time treatment. Verve stands as a prominent leader in the development of gene editing therapies tailored to combat cardiovascular diseases.
Verve and Lilly started a partnership in June 2023 establishing an exclusive research collaboration. The primary focus of that was on advancing Verve’s preclinical in vivo gene editing program, directed at addressing lipoprotein(a) (Lp(a)). This partnership underscores the strategic synergy between the two entities in advancing cutting-edge medical solutions.
